These curbs on supply have helped prop up the price of crude for the past 18 months but left Saudi Arabia, which has cut its production by 2mn barrels a day, shouldering most of the cost.

The deal will further facilitate Australia's exports of coal and liquefied natural gas to Vietnam, the ministry said in a statement, noting that Australia is now a key coal supplier to Vietnam, accounting for 44% of its total coal imports.

Brent fell 3 cents to $82.77 a barrel, WTI fell 11 cents, to $78.63.

Россия осуществит дополнительное добровольное сокращение добычи и экспорта нефти совокупно на 471 тыс. баррелей в сутки в II квартале 2024 года в координации с некоторыми странами – участницами ОПЕК+.

Ample supplies have anchored international oil prices near $80 a barrel this year, even as conflict in the Middle East disrupts regional shipping.

Brent fell 30 cents, or 0.36%, to $83.35 a barrel, WTI dropped 28 cents to $78.59 a barrel.

Deputy Prime Minister and OPEC+ envoy Alexander Novak drove home the official line that sanctions make Russia stronger when he said in October, referring to the redirection of exports, "the main consumption of energy resources will in future be in [the Asia-Pacific] region... We would have to do this anyway. We just sped up a bit."

If the Texas Supreme Court over rules the decision of the Texas Court of Appeals, what precedent will be set across all energy markets?

Brent fell 35 cents, or 0.4%, to $81.27 a barrel, WTI declined 35 cents, or 0.5%, to $76.14 a barrel.

The US placed Arctic LNG 2 under direct sanctions in November, in effect blocking its allies from buying the project’s gas when it starts production. The move followed an EU ban on the transfer of LNG-related technology to Russia in April 2022, two months after Moscow launched its full-scale invasion of Ukraine.